Blockbuster again asks shareholders to back board
Dallas Blockbuster has again urged its shareholders to elect its preferred choice to the company board of directors.
According to a report Wednesday, the retailer is acting on a recommendation from an independent proxy advisory firm in asking its shareholders for support in the proxy fight with activist investor Gregory S. Meyer, who wants a seat on the board.
Meyer founded a DVD rental kiosk business in 2001 called DVDXpress and later sold it to Redbox operator Coinstar. It has become a major competitor to Blockbuster.
Shareholders are slated to vote on board nominees during the June 24 annual meeting. Meyer wants to replace director Gary J. Fernandes, the chairman of real estate investment company FLF Investments.
Blockbuster said that advisory firm Glass, Lewis & Co. suggested stockholders vote for all seven of Blockbuster’s 2010 director nominees and the company’s other proposals.
Blockbuster said the firm contends Meyer has “largely failed to provide shareholders with a cogent, practicable plan … and, by extension, has failed to establish that his plans are superior to those disclosed and undertaken by the board.”
Macy’s celebrates Pride month
NEW YORK (Jun. 2) Macy’s announced that it has celebrating Pride month with a multitude of in-store fashion events, advertising support, special tribute windows in select stores, gift registry booths for same-sex couples in key cities, as well as sponsorship and employee participation in Pride parades across the country.
"We are proud to support our LGBTQ employees and consumers through initiatives that recognize and honor our commitment to diversity and inclusion," said Corliss Fong, Macy’s vice president of diversity strategies. "Macy’s remains a steadfast supporter of inclusiveness in all aspects of our business and we join in celebration with millions across the nation who live with pride and joy this June."
Borders announces exec changes
ANN ARBOR , Mich. (Jun. 4) Borders Group announced that Mike Edwards has been appointed president of Borders Group and president and CEO of Borders Inc., the principle subsidiary of Borders Group. Bennett LeBow, who recently became chairman of the Borders Group board of directors, will serve as CEO of Borders Group. Edwards will report to LeBow.
Edwards has been interim CEO of Borders since January. He joined the company in September 2009 as EVP and chief merchandising officer. Before joining Borders, he most recently served as president and CEO of Ellington Leather, a Portland, Ore.-based leather handbags and accessories wholesaler. From 2004 through 2007, Edwards was president and CEO for lucy Activewear, a division of VF Corp. He has also held executive management positions in merchandising and operations with Jo-Ann Stores, West Marine Inc., Golfsmith and CompUSA, as well as buying and merchandising posts with Target and the May Department Store Company.
LeBow, who recently made an equity investment of $25 million in Borders through an entity he controls, is chairman of the board of Vector Group, a company he’s been affiliated with since 1986. In March of 1996, under his leadership, Liggett Company, owned by Vector Group, became the first tobacco company to settle smoking-related litigation. Before devoting himself completely to private business in 1968, LeBow served in the Pentagon initially as a First Lieutenant and subsequently as a civilian, serving as assistant to the assistant vice chief of staff of the U.S. Army.